FRD(300602) 国海证券·2024-04-28 03:30Investment Rating - The investment rating for the company is "Buy" (maintained) [10][21]. Core Insights - The company's profit margins improved year-on-year in Q1 2024, primarily driven by growth in the consumer electronics and data center sectors [1]. - In 2023, the company achieved a revenue of 4.346 billion yuan, a year-on-year increase of 5.37%, and a net profit of 103 million yuan, up 7.31% year-on-year [11]. - For Q1 2024, the company reported a revenue of 982 million yuan, a year-on-year increase of 27.05%, and a net profit of 24 million yuan, marking a return to profitability [11][19]. Financial Performance - The gross margin for 2023 was 19.47%, an increase of 2.15 percentage points year-on-year, while the net margin was 1.81%, remaining flat year-on-year [5]. - In Q1 2024, the gross margin was 16.93%, up 1.07 percentage points year-on-year, and the net margin was 1.74%, an increase of 5.31 percentage points year-on-year [12]. - The company expects revenues of 5.728 billion, 7.452 billion, and 9.053 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 374 million, 517 million, and 663 million yuan [21]. Business Segments - The consumer electronics segment generated approximately 1.7 billion yuan in revenue in 2023, a year-on-year increase of 33%, accounting for 38% of total revenue [13]. - The communication segment reported revenue of about 1.2 billion yuan in 2023, a decrease of 5% year-on-year, but with an overall improvement in profitability [14]. - The renewable energy segment achieved revenue of 1.5 billion yuan in 2023, a year-on-year increase of 27%, accounting for 35% of total revenue [33].